HALIFAX, NOVA SCOTIA--(Marketwired - June 18, 2014) - Ucore Rare Metals Inc (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to comment on the signing by Alaska Governor Sean Parnell of legislation authorizing the Alaska Industrial Development and Export Authority (AIDEA) to provide financing to the Bokan - Dotson Ridge Project in Southeast Alaska.
Senate Bill 99 (SB99), which was passed unanimously by the State legislature, was officially signed by the Governor in front of a highly attended meeting of the Ketchikan Chamber of Commerce and Rotary. The meeting was attended by Senator Lesil McGuire (co-sponsor of SB 99), the mayors of Ketchikan, Ketchikan Gateway Borough, Sitka and Craig, Deantha Crockett of the Alaska Miners Association, Ucore COO Ken Collison, Ucore Director of Environment and Community Relations Randy MacGillivray, Ucore Advisory Board Member Randy Johnson, as well as members of the South East Alaska public and business communities.
"This legislation will go a long way toward creating new opportunities for Alaskans and growing Southeast Alaska's economy as a whole," said Governor Parnell. "By authorizing AIDEA to issue bonds for the Bokan mine, we are moving this critical project, and the many jobs it will create, one step closer to reality. I want to especially commend Senator Lesil McGuire for her work on this crucial legislation."
"The United States used to be almost self-sufficient in rare earth elements, but now we almost completely rely upon foreign sources for those important minerals," said Senator McGuire. "We need to move now to become a dominant world player in the development of rare earth elements which are critical for military and economic security, as well as renewable energy systems. Natural resources are the base of Alaska's economy. Today's bill signing further broadens that base by supporting responsible development and creating new jobs while giving a big boost to industry in Southeast Alaska."
"Bokan promises to be an anchor employer for the Southeast region," noted Ken Collison, COO of Ucore and principal designer of the Bokan mine. "The project will have a strong economic multiplier effect, providing high paying jobs to multiple communities and sustainable development in a region with enormous potential. What's more, the resource products furnished by Bokan are essential to a rebounding US economy and the military, so the benefits of this uniquely Alaskan project will be felt far beyond the communities in Southeast."
"The official signing of SB99 is an important milestone for our company and for the people of Alaska" said Jim McKenzie, President and CEO of Ucore. "Bokan will advance Alaska's economic agenda, and ensure a secure domestic supply line of rare earth metals for the American market. We'd like to express our sincere appreciation to Governor Parnell and Senators McGuire and Stedman for their ongoing support of this important initiative."
SB 99 was introduced by Senator Lesil McGuire (AK-R). Senator Bert Stedman (AK-R) proposed the amendment which would authorize the AIDEA to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project up to a principal amount of $145 million, subject to its own internal due diligence and Board approval. The Bokan Project is located at the head of Kendrick Bay on Prince of Wales Island, approximately 40 miles southwest of Ketchikan.
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources with near term production potential. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan - Dotson Ridge REE property in Alaska. The Bokan - Dotson Ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in developing near term production facilities and limiting the capital costs associated with mine construction.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities, development timelines, and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.